Yihao New Material to acquire at least 78% stake in Mingfeng Electronics

Yihao New Material announced on September 21 that it plans to raise up to RMB1.8 billion (USD268.84 million) through a private placement to targeted investors. After deducting issuance expenses, the proceeds will be used to inject capital for the acquisition of at least a 78% stake in Mingfeng Electronics.

Mingfeng Electronics focuses on the R&D, production and sales of high-performance copper foil, including copper foil for electronic circuits and lithium batteries. It has a designed annual capacity of 70,000 tonnes, including 10,000 tonnes of technical upgrading capacity under construction. Its major customers include leading lithium battery companies such as CATL, REPT Battero, HiTHIUM, Great Power and ZTT.